olivLaw · European equity research
Altarea SCA ALTA.PA
France · Euronext Paris · Vertical: Listed companies from France
Altarea is a French property group active in retail, housing, office and logistics, with a central focus on low-carbon urban transformation. In 2024 its diluted EPRA-style continuing net asset value stayed nearly flat at 2,411.8 million euros, equal to 110.1 euros per share, with a housing recovery expected only gradually.
At the close of 05 Nov 2026, Altarea SCA (ALTA.PA) stock was 74.80 EUR (+0.27% on the day), with market capitalisation 1.6 bn EUR, P/E 267.1 on diluted EPS of 0.28 EUR over the last 12 months, dividend yield 10.70%, beta 0.70, 52-week range 72.20–128.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.5
- weak (30–45)
- Bollinger (20, 2)
- 71.69 – 76.56
- in the upper half of the band · %B 0.64 · band width 6.6%
- SMA 50 / 200
- 80.34 / 101.35
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.80 / -2.34
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.0% | +0.4% | −3.4 pp | — |
| 3 months | −25.6% | −3.3% | −22.4 pp | — |
| 6 months | −31.8% | +4.0% | −35.7 pp | — |
| Year to date | −31.8% | +8.1% | −39.9 pp | — |
| 1 year | −23.7% | +10.7% | −34.4 pp | −8.8% |
| 3 years | +0.7% | +50.1% | −49.4 pp | −10.0% |
| 5 years | −59.0% | +43.6% | −102.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 8.0, median 176.1, max 344.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 326.8 m | -472.9 m | 6.1 m |
| Net income YoY | unavailable | −244.7% | unavailable |
| Diluted EPS | 15.83 | -22.50 | 0.28 |
| Diluted EPS YoY | unavailable | −242.1% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 778.9 m EUR
- Financial debt
- 1.0 bn EUR
- Net debt
- 227.6 m EUR
- Equity
- 3.2 bn EUR
- Total assets
- 8.4 bn EUR
- Debt / equity
- 0.32x
- Current ratio
- 1.25x
- ROE
- 0.2%
- ROA
- 0.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 2.4 bn | 2.3 bn | 2.2 bn | esef· 24 Sept 2025verified |
| Pre-tax income | 492.8 m | -622.9 m | 75.2 m | esef· 24 Sept 2025verified |
| Income tax | 68.3 m | -114.4 m | -10.9 m | esef· 24 Sept 2025verified |
| Net income | 326.8 m | -472.9 m | 6.1 m | esef· 24 Sept 2025verified |
| Diluted EPS | 15.83 | -22.50 | 0.28 | esef· 24 Sept 2025verified |
| Weighted average diluted shares | 20.6 m | 21.0 m | 21.8 m | esef· 24 Sept 2025verified |
| Dividend per share | 10.00 | — | 8.00 | esef· 24 Sept 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 952.3 m | 713.1 m | 778.9 m | esef· 24 Sept 2025verified |
| Receivables | 900.1 m | 930.2 m | 954.1 m | esef· 24 Sept 2025verified |
| Current assets | 4.0 bn | 3.5 bn | 3.3 bn | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 25.2 m | 26.5 m | 165.2 m | esef· 24 Sept 2025verified |
| Goodwill | 214.7 m | 235.8 m | 246.2 m | esef· 24 Sept 2025verified |
| Total assets | 9.1 bn | 8.3 bn | 8.4 bn | esef· 24 Sept 2025verified |
| Short-term debt | 90.9 m | 89.6 m | 62.9 m | esef· 24 Sept 2025verified |
| Long-term debt | 612.8 m | 726.5 m | 943.6 m | esef· 24 Sept 2025verified |
| Current liabilities | 2.5 bn | 2.7 bn | 2.7 bn | esef· 24 Sept 2025verified |
| Equity | 4.0 bn | 3.2 bn | 3.2 bn | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 20.2 m | 20.5 m | 21.0 m | esef· 24 Sept 2025derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
15% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.22 – 148.36 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E3.22 – 8.26 (Mid 4.98)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)108.80 – 148.36 (Mid 125.54)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 38 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | 267.1x | 0 (vs peers) | 71% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial38/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ALTAREA (ALTA.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 0.4%.
The estimated value range is 56.01–78.31 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 65.26 EUR, the price of 74.80 EUR leaves a potential of -12.8% (value / price − 1) and a margin of safety of -14.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- P/E (TTM): 267.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for ALTA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Altarea is a French property group active in retail, housing, office and logistics, with a central focus on low-carbon urban transformation. In 2024 its diluted EPRA-style continuing net asset value stayed nearly flat at 2,411.8 million euros 1, equal to 110.1 euros per share 1, with a housing recovery expected only gradually.
SWOT
Strengths
- A retail portfolio of recognised quality, valued by several external experts, providing a solid base for growth.
- A clear strategy of controlled commitments that limits exposure to projects with heavy capital tied up.
- A focus on staff training and development, seen as essential for innovation and continuity.
Weaknesses
- Dependence on housing market conditions, where a strong recovery is not expected in 2025.
- NAV sensitivity to financial instruments and fixed-rate debt, which recently affected value.
- Lower margins on older development operations, which still dominate residential revenue.
Opportunities
- Growing investment in station retail, which could accelerate portfolio development.
- Partnerships in photovoltaics and data centres, which could share risk and open new income sources.
- Growth of the asset management business, if the pace of fundraising remains favourable.
Threats
- A delay in the housing market recovery could keep pressure on residential results.
- Changes in capitalisation rates could reduce expert valuations and therefore NAV.
- Changes in tax or regulation for the SIIC status could affect the tax position of assets.
Risks
- Sensitivity of valuationshigh
Asset values depend on assumptions about rents, yields and discounted cash flows, and changes in these can affect NAV.
- Housing marketmedium
The expected recovery is slow, which could keep margins and development revenue under pressure.
- Financial instrumentsmedium
Changes in the fair value of financial instruments and fixed-rate debt have recently influenced NAV.
- SIIC tax regimelow
Exceptions from the SIIC regime can lead to tax on capital gains in certain cases, affecting net value.
- Execution of development projectsmedium
Construction costs and delays can affect the value of projects in progress, especially when costs are capitalised.
Investment thesis
What would need to be true (bull case)
- If the gradual housing recovery is confirmed, development margins could rise from current low levels.
- A high-quality retail portfolio, valued by several experts, could support FFO growth and NAV stability.
- Energy and data partnerships could bring capital and reduce project risk for the group.
What would break the thesis
- If the housing market stays slow, residential revenue could remain dominated by low-margin operations.
- NAV sensitivity to interest rates and financial instruments could produce further value swings in periods of stress.
- A rising number of diluted shares reduces NAV per share even when total value is relatively stable.
What to watch
- Development of FFO and the guidance for 20252025
- Pace of the launch of the new-generation housing offer2025
- Investment in station retail and progress of energy partnerships2025
- Evolution of NAV after changes in financial instruments and fixed-rate debtnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Altarea SCA is a French property group whose portfolio is split between retail, residential development and business property. According to the 2024 annual report, consolidated equity attributable to the group stood at 1,694.3 million euros 1, and its assets are valued by external experts. The group describes its ambition as leading low-carbon urban transformation in France 1.
Investment properties are recorded at appraisal value, and several experts value the retail portfolio, each covering part of it 1. Development activities and other assets are valued once a year by an external firm, using discounted cash flow with comparable listed companies as a cross-check 1.
The company also mentions an international asset base and projects in photovoltaics and data centres, where it looks for partnerships to share project risk 1. Its SIIC status means most assets are not subject to tax on capital gains, with exceptions for assets held through other structures or located outside France 1.
Segments
Retail
The retail segment, managed through Foncière Commerce, is valued mainly by three external experts who together cover most of the portfolio value 1. The 2025 outlook points to continued growth in portfolio quality, with acceleration in station retail 1.
Residential and business property
In residential development, 2025 revenue will still be largely made of older low-margin operations, while the new-generation offer is expected to ramp up gradually 1. In office property the company targets controlled commitments, and in logistics it plans more development, without large transactions expected in 2025 1.
Market context
The company does not expect a strong recovery of the French housing market in 2025, which could keep pressure on margins in the residential segment 1. Retail and logistics assets remain central to the strategy, and valuations depend heavily on capitalisation rates and discounted cash flow scenarios 1.
Property valuations follow Red Book standards, and results depend on rents, expected yields and market conditions at the valuation date 1. Differences between scenarios can change asset values significantly, which makes NAV sensitive to market assumptions 1.
Trends
- Gradual housing recoverymixed
The company does not anticipate a strong recovery of the housing market in 2025, but expects a gradual ramp-up of new-generation operations 1. If this transition takes place, it could support margins in the residential segment.
- Acceleration in station retailtailwind
The 2025 outlook includes faster investment in station retail, which could strengthen growth in the retail portfolio 1.
- Financing costs and financial instrumentsheadwind
Changes in the fair value of financial instruments and fixed-rate debt reduced NAV in 2024, showing the group's sensitivity to financing conditions 1.
- Investment in energy and datamixed
Photovoltaics and data centres are set to enter a more intense investment phase, but the group is looking for partners to share project risk 1.
Competitive position
Altarea places its competition in the French property sector, where large players in retail, housing and logistics compete for the same land and investors. The supplied sources do not name competitors explicitly, so the competitive landscape remains only partly defined by the documents reviewed 1.
The group's position depends on its ability to secure land, permits and pre-letting, and its advantage rests on portfolio and in-house expertise 1. If the market tightens, competitors with stronger balance sheets could have more flexibility.
- Competitors named in the supplied sources
The annual report does not name direct competitors, so none can be identified from this document.
- Other French property developers
Competition in development and business property exists, but no names are given in the document reviewed.
- Commercial asset operators
The group's retail assets compete with other portfolios in France and abroad, though the source does not identify them.
- Logistics operators
Logistics development could meet competition from other investors, but the source does not specify them.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202326 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Altarea SCA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.